CubeSmart (NYSE:CUBE) Shares Acquired by DAVENPORT & Co LLC

DAVENPORT & Co LLC raised its position in shares of CubeSmart (NYSE:CUBE - Free Report) by 21.5% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 124,976 shares of the real estate investment trust's stock after purchasing an additional 22,117 shares during the period. DAVENPORT & Co LLC owned 0.05% of CubeSmart worth $5,338,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in CUBE. Jones Financial Companies Lllp grew its position in CubeSmart by 134.1% in the fourth quarter. Jones Financial Companies Lllp now owns 679 shares of the real estate investment trust's stock worth $29,000 after acquiring an additional 389 shares in the last quarter. SRS Capital Advisors Inc. boosted its holdings in CubeSmart by 310.6% in the 4th quarter. SRS Capital Advisors Inc. now owns 739 shares of the real estate investment trust's stock valued at $32,000 after purchasing an additional 559 shares during the period. Huntington National Bank raised its stake in shares of CubeSmart by 307.0% in the 4th quarter. Huntington National Bank now owns 1,213 shares of the real estate investment trust's stock valued at $52,000 after buying an additional 915 shares in the last quarter. Quantbot Technologies LP acquired a new position in shares of CubeSmart in the 4th quarter valued at $58,000. Finally, Farther Finance Advisors LLC increased its position in shares of CubeSmart by 446.2% during the 1st quarter. Farther Finance Advisors LLC now owns 1,797 shares of the real estate investment trust's stock worth $76,000 after purchasing an additional 1,468 shares in the last quarter. 97.61% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on CUBE. Mizuho increased their price objective on shares of CubeSmart from $39.00 to $43.00 and gave the stock a "neutral" rating in a report on Wednesday, May 28th. BNP Paribas Exane initiated coverage on shares of CubeSmart in a report on Tuesday, June 24th. They set a "neutral" rating and a $46.00 target price on the stock. Evercore ISI lifted their price objective on shares of CubeSmart from $44.00 to $47.00 and gave the company an "in-line" rating in a report on Friday, May 2nd. BMO Capital Markets upgraded shares of CubeSmart from a "market perform" rating to an "outperform" rating and boosted their target price for the stock from $48.00 to $49.00 in a report on Friday, June 20th. Finally, BNP Paribas raised shares of CubeSmart to a "hold" rating in a research report on Tuesday, June 24th. Ten analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus price target of $47.38.

CubeSmart Stock Performance

CubeSmart stock traded down $0.78 during mid-day trading on Monday, hitting $42.56. The company had a trading volume of 1,252,975 shares, compared to its average volume of 1,557,745. The company has a current ratio of 0.07, a quick ratio of 0.07 and a debt-to-equity ratio of 1.17. CubeSmart has a 12-month low of $34.24 and a 12-month high of $55.14. The company's fifty day moving average is $42.54 and its 200-day moving average is $41.66. The company has a market capitalization of $9.70 billion, a price-to-earnings ratio of 25.18, a P/E/G ratio of 7.97 and a beta of 0.96.

CubeSmart (NYSE:CUBE - Get Free Report) last posted its quarterly earnings data on Thursday, May 1st. The real estate investment trust reported $0.64 EPS for the quarter, beating the consensus estimate of $0.62 by $0.02. CubeSmart had a return on equity of 13.57% and a net margin of 37.05%. The firm had revenue of $273.04 million during the quarter, compared to the consensus estimate of $268.16 million. During the same period in the prior year, the company earned $0.64 EPS. The firm's revenue was up 4.4% compared to the same quarter last year. Equities research analysts predict that CubeSmart will post 2.64 EPS for the current year.

CubeSmart Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 15th. Investors of record on Tuesday, July 1st will be given a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.89%. The ex-dividend date of this dividend is Tuesday, July 1st. CubeSmart's payout ratio is 123.08%.

CubeSmart Company Profile

CubeSmart is a self-administered and self-managed real estate investment trust. The Company's self-storage properties are designed to offer affordable, easily accessible and, in most locations, climate-controlled storage space for residential and commercial customers. According to the 2023 Self-Storage Almanac, CubeSmart is one of the top three owners and operators of self-storage properties in the United States.